Clifton Mining Company (OTCBB: CFTN) (Clifton) - "Clifton Financials Released, Updated Gold Production Numbers"

Rhea-AI Summary

Clifton Mining Company announced its 2020 audited financial results, reporting a basic net income per share of $0.08 and a fully diluted net income per share of $0.07. The company repurchased over 3.3 million shares, enhancing its net cash position to $2,966,221. Additionally, Desert Hawk Gold Corp, in which Clifton owns 5.81 million shares, reported sales of 282 ounces of gold in February and 412 ounces in March, alongside silver sales of 302 ounces and 444 ounces respectively.

Positive

• Basic net income per share rose to $0.08.
• Repurchased over 3.3 million shares, roughly 5% of total shares.
• Increased net cash position from $2,757,399 to $2,966,221.
• Desert Hawk Gold Corp reported positive sales with 694 ounces of gold sold and 746 ounces of silver in the first two months of 2021.

Negative

• None.

AMERICAN FORK, Utah, May 11, 2021 /PRNewswire/ - Clifton Mining Company has released its 2020 audited financial statement.  Basic net income per share was $0.08 and fully diluted net income per share was $0.07.  A copy of Clifton's financial statements can be found at https://www.cliftonmining.com/file/53811d87-23ae-4c68-80ab-538ba546b95d.

Also of significance, the company repurchased just over 3.3 million shares (more than 5%) of its common stock over the course of the year, while increasing its net cash position from $2,757,399 to $2,966.221. 

Exploration, Development, and Production - Clifton Mining Company has received the production and sales reports for February and March 2021.  Desert Hawk Gold Corp. (Desert Hawk) sold 282 ounces of gold in February and 412 ounces of gold in March.  Sales of silver were 302 ounces of silver in February and 444 ounces of silver in March.  These precious metals were all recovered from the leach pad.  Clifton owns 5.81 million shares of Desert Hawk.

Please see the Company's website www.cliftonmining.com for additional Company information.  Clifton trades on the OTC Markets under the symbol: "CFTN".

Note: Any statements released by Clifton Mining Company that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Editors and investors are cautioned that forward looking statements invoke risk and uncertainties that may affect the company's business prospects and performance.

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SOURCE Clifton Mining Company

FAQ

What were Clifton Mining Company's financial results for 2020?

Clifton reported a basic net income per share of $0.08 and a fully diluted net income per share of $0.07 for 2020.

How many shares did Clifton Mining Company repurchase in 2020?

Clifton repurchased over 3.3 million shares, which is more than 5% of its common stock.

What is the current net cash position of Clifton Mining Company?

Clifton's net cash position increased to $2,966,221 as of the end of 2020.

How did Desert Hawk Gold Corp perform in early 2021?

Desert Hawk sold 282 ounces of gold in February and 412 ounces in March, as well as 302 ounces of silver in February and 444 ounces in March.